(Source: Attorney General Mike DeWine) - (COLUMBUS, Ohio)—Ohio Attorney General Mike DeWine today reminded eligible Ohioans that January 18th is the deadline to submit claims for compensation to the National Mortgage Settlement Administrator. Pursuant to the National Mortgage Settlement announced in February 2012, eligible borrowers who lost a home to a foreclosure sale would be eligible for direct compensation.
“While the settlement can never fully compensate anyone who lost a home to foreclosure, this compensation can provide some relief to those facing financial hardship. I urge eligible Ohioans who have not already done so to file claims by the January 18th deadline,” said Attorney General DeWine.
In February 2012, 49 states and the U.S. government announced the National Mortgage Settlement with the nation’s five largest mortgage servicers: GMAC (now Ally), Bank of America, CitiMortgage, JPMorgan Chase, and Wells Fargo. Among the direct assistance provided in the settlement to borrowers are payments for homes lost to foreclosure sales.
Those eligible must meet the following requirements:
- Borrower had a mortgage loan secured by an owner-occupied, one-to-four unit residential property.
- Borrowers’ mortgage loan was serviced by one of the five servicers.
- Borrower made at least three payments on the mortgage loan.
- Borrower lost home to a foreclosure sale (including strict foreclosure) between January 1, 2008, and December 31, 2011.
- Unpaid principal balance of the first mortgage loan did not exceed the GSE conforming loan limits (1 unit - $729,750; 2 units - $934,200; 3 units - $1,129,250; and 4 units - $1,403,400).
- Property address was located in a participating state or in the District of Columbia.
The Administrator for the National Mortgage Settlement sent several mailings, including claim forms, to persons identified as eligible borrowers. A person who is eligible but may not have received a claim form can still file a claim online at NationalMortgageSettlementClaim.com, or by downloading the claim form at NationalMortgageSettlement.com.
According to the Administrator, 58% of eligible Ohioans have filed claims, compared to 50% of eligible borrowers nationwide.
Eligible claimants were initially estimated to receive a minimum of $840 in compensation, but due a smaller number of claimants, the estimated compensation could be as much as $1,400.